The many critics of National's troubled privatisation programme may be more than a little premature in celebrating a possible delay in the first share float.

The Maori Council has told the urgent Waitangi Tribunal hearing into water rights that a long-held belief by hapu and iwi of taniwha as guardian spirits of the waterways is strong evidence of Maori belief that they 'owned' the water.

A Treasury official says Maori rights in water and geothermal resources are a risk to the value of energy companies, and that it will be made clear to investors when Mighty River shares go on sale.